# Fabrica Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/04/01－2026/03/31) (S100YK86)
> Page: https://vizora.meequs.com/en/company/fabrica-hd
> Retrieved: 2026-09-30T20:00:03.471Z

## Company

Fabrica Holdings is a company in Software & SaaS listed on TSE Standard. It has 230 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fabrica Holdings Co., Ltd. |
| Ticker | 4193 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4193.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂一丁目11番30号 |
| Representative (per filing) | 代表取締役社長CEO 谷口 政人 |
| Share capital | ¥657.7M |
| Employees (consolidated) | 230 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.fabrica-hd.co.jp (https://www.fabrica-hd.co.jp/) |
| Corporate number | 7180001049855 |
| EDINET | E36261 |
| Industries (Vizora) | Software & SaaS, Car Dealers & Used Cars |

> Profile source: annual securities report (S100YK86, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 105 |
| Profitability | 45.2 | 145 |
| Cash conversion | 49.6 | 128 |
| Efficiency | 97.6 | 145 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 63% of Fabrica Holdings's sales come from Business communication, with Auto Service and Automotive platform making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +14.8% from the prior year, operating profit +10.3%.

## Company structure

- Segment revenue mix: Business communication 63.3%、Auto Service 20.1%、Automotive platform 16.5%、Internet Service 0.1%
- Revenue → net income: ¥10567504000 → ¥665690000
- Net income → operating cash flow: ¥665690000 → ¥1247090000（difference ¥581400000）
- Main uses of operating cash flow: CapEx ¥395203000 / dividends ¥301079000 / buybacks ¥499839000
- Change in cash: ¥-170831000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.6B |  |
| Operating income | ¥1.22B | Margin 11.5% |
| Net income | ¥665.7M | Margin 6.3% |
| Free cash flow | ¥851.9M |  |
| Largest business | Business communication | of segment revenue 63.3% |
| Employees (consolidated) | 230 |  |
| EPS | ¥160.76 |  |
| Book value per share | ¥426.95 |  |
| Equity ratio | 60.6% |  |
| Shares outstanding | 5,475,400 |  |
| Treasury shares | 334,300 |  |
| Shareholders | 4,404 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 42.1% | Cash ÷ revenue 23.2% |
| Vs. industry median margin | -0.9 pp | Software & SaaS |
| ROE | 18.6% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.7× dividends
- FY2026, one segment accounts for 85% of positive segment profit
- FY2026, parent-company salary changed +56% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4826294000 | ¥10567504000 | +119.0% |
| Operating income | ¥659115000 | ¥1219917000 | +85.1% |
| Operating margin | 13.7% | 11.5% | -2.1 pp |
| Employees | 156 people | 230 people | +47.4% |
| Cash and equivalents | ¥1027084000 | ¥2454312000 | +139.0% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| SMSソリューショングループ → 事業再編・廃止 | 51.8% |
| U-CARソリューショングループ → 事業再編・廃止 | 20.5% |
| インターネットサービスグループ → 事業再編・廃止 | 5.2% |
| オートサービス事業 → オートサービス事業 | 20.1% |
| オートサービス事業 → 事業再編・廃止 | 2.5% |
| 新設・再編 → ビジネスコミュニケーション事業 | 63.3% |
| 新設・再編 → オートモーティブプラットフォーム事業 | 16.5% |
| 新設・再編 → AI事業 | 0.1% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Business communication | — | — | ¥6688834000 | 27.9% | 2 |
| Auto Service | 5 years | +14.2% | ¥2124679000 | 1.9% | 2 |
| Automotive platform | — | — | ¥1748141000 | 15.9% | 2 |
| Internet Service | — | — | ¥5850000 | -1626.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,568 | 100.0% | S100YK86 |
| Cost of revenue | 5,843 | 55.3% | S100YK86 |
| Gross profit | 4,725 | 44.7% | S100YK86 |
| SG&A | 3,505 | 33.2% | S100YK86 |
| Operating income | 1,220 | 11.5% | S100YK86 |
| Ordinary income | 1,226 | 11.6% | S100YK86 |
| Pretax income | 1,253 | 11.9% | S100YK86 |
| Income tax | 587 | 5.6% | S100YK86 |
| Net income | 666 | 6.3% | S100YK86 |
| Net income attributable to owners | 666 | 6.3% | S100YK86 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 33 |
| Operating income | 12 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 44.7% → Operating margin 11.5% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.8%; Core profit growth: +10.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.69×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,207 | 10,568 | 1,361 | +14.8% |
| Gross profit | 4,244 | 4,725 | 481 | +11.3% |
| Operating income | 1,106 | 1,220 | 114 | +10.3% |
| Net income attributable to owners | 332 | 666 | 334 | +100.7% |
| Operating cash flow | 1,058 | 1,247 | 190 | +17.9% |
| Free cash flow | 677 | 852 | 174 | +25.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,903 | 347 | 8.9% | 113 | 393 | 163 | S100LLY7 |
| FY ending Mar 2021 | 4,826 | 659 | 13.7% | 455 | 621 | 453 | S100OJKQ |
| FY ending Mar 2022 | 5,858 | 923 | 15.8% | 574 | 567 | 400 | S100R7KA |
| FY ending Mar 2023 | 7,600 | 1,283 | 16.9% | 810 | 1,038 | 847 | S100TQ5T |
| FY ending Mar 2024 | 8,163 | 1,071 | 13.1% | 674 | 602 | 247 | S100WL33 |
| FY ending Mar 2025 | 9,207 | 1,106 | 12.0% | 332 | 1,058 | 677 | S100YK86 |
| FY ending Mar 2026 | 10,568 | 1,220 | 11.5% | 666 | 1,247 | 852 | S100YK86 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.9M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥2.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 163 | 176 | 193 | 212 | 230 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.1M | ¥7.8M | ¥7.8M |
| Average age (parent company) | 36.5 years | 37.2 years | 36.5 years | 40.4 years | 36.1 years |
| Average tenure (parent company) | 6.1 years | 6.2 years | 6.4 years | 5.2 years | 4.5 years |

Year over year: Employees (consolidated) +8.5% · Revenue (consolidated) +14.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business communication | 6,689 | 63.3% | 1,869 | 27.9% |
| Automotive platform | 1,748 | 16.5% | 278 | 15.9% |
| Internet Service | 6 | 0.1% | -95 | -1626.1% |
| Auto Service | 2,125 | 20.1% | 40 | 1.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Business communication | 63.3% | 85.5% | 22.2 | 27.9% |
| Automotive platform | 16.5% | 12.7% | -3.8 | 15.9% |
| Internet Service | 0.1% | — | — | -1626.1% |
| Auto Service | 20.1% | 1.8% | -18.3 | 1.9% |

Loss-making segment (excluded from profit shares): Internet Service -95 JPY mn

Segment → industry: Internet Service → Software & SaaS / Automotive platform → Software & SaaS / Business communication → Software & SaaS / Auto Service → Car Dealers & Used Cars

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,247 | 11.8% | S100YK86 |
| Capital expenditure | 395 | 3.7% | S100YK86 |
| Free cash flow | 852 | 8.1% | 算出 |
| Investing cash flow | -539 | -5.1% | S100YK86 |
| Financing cash flow | -879 | -8.3% | S100YK86 |
| Dividends paid | 301 | 2.8% | S100YK86 |
| Share buyback | 500 | 4.7% | S100YK86 |
| Change in cash | -171 | -1.6% | S100YK86 |
| Cash and equivalents | 2,454 | 23.2% | S100YK86 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,268 | 2,313 | 2,259 | 2,625 | 2,454 | S100TQ5T, S100WL33, S100YK86 |
| Total assets | 3,763 | 4,702 | 5,304 | 5,379 | 5,827 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |
| Net assets | 2,396 | 3,179 | 3,597 | 3,664 | 3,562 | S100TQ5T, S100WL33, S100YK86 |
| Share capital | 617 | 645 | 656 | 658 | 658 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |
| Property, plant and equipment | 307 | 316 | 498 | 628 | 725 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |
| Intangible assets excluding goodwill | 132 | 245 | 318 | 352 | 711 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |
| Goodwill | — | 23 | 25 | 14 | 84 | S100TQ5T, S100WL33, S100YK86 |
| Investment securities | 26 | 196 | 815 | 372 | 306 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |
| Current assets | 3,120 | 3,309 | 3,443 | 3,765 | 3,827 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |
| Current liabilities | 1,089 | 1,353 | 1,398 | 1,478 | 2,019 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |
| Trade payables | 357 | 443 | 508 | 545 | 822 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |
| Long-term borrowings | 147 | 60 | 140 | 86 | 35 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |
| Bonds | 80 | 30 | — | — | — | S100R7KA, S100TQ5T |
| Total liabilities | 1,367 | 1,524 | 1,706 | 1,716 | 2,265 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |
| Equity attributable to owners of parent | 2,396 | 3,137 | 3,602 | 3,633 | 3,527 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |
| Retained earnings | 1,222 | 1,908 | 2,425 | 2,562 | 2,927 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |
| Treasury stock | -0 | -0 | -74 | -187 | -659 | S100R7KA, S100TQ5T, S100WL33, S100YK86 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YK86 |
| Property, plant and equipment | 12% | S100YK86 |
| Intangibles and goodwill | 14% | S100YK86 |
| Investment securities | 5% | S100YK86 |
| Other assets | 27% | S100YK86 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YK86 |
| Other liabilities | 25% | S100YK86 |
| Equity | 61% | S100YK86 |
| Other liabilities | 0% | S100YK86 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,763 | 4,702 | 5,304 | 5,379 | 5,827 |
| Equity | 2,396 | 3,179 | 3,597 | 3,664 | 3,562 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,268 | 2,313 | 2,259 | 2,625 | 2,454 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 6.9% | S100YK86 |
| Fixed assets ÷ total assets | 12.4% | S100YK86 |
| Goodwill ÷ parent equity | 2.4% | S100YK86 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 42.1% |
| Cash ÷ revenue | 23.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.2% |
| Cash vs. profit gap | 581 JPY mn (of net income 87.3%) |
| Shareholder returns / net income | 120.3% |
| Shareholder returns / FCF | 94.0% |
| Shareholder payments — dividends / net income | 45.2% |
| Shareholder payments — dividends / FCF | 35.3% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 43.3% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 9.8% | 1.56× | 15.3% | 1.57× | 24.0% | S100R7KA |
| 2023 | 10.7% | 1.80× | 19.1% | 1.53× | 29.3% | S100TQ5T |
| 2024 | 8.3% | 1.63× | 13.5% | 1.48× | 20.0% | S100WL33 |
| 2025 | 3.6% | 1.72× | 6.2% | 1.48× | 9.2% | S100YK86 |
| 2026 | 6.3% | 1.89× | 11.9% | 1.56× | 18.6% | S100YK86 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社インディゴベース | Major shareholder | 13.2% | 2026-03-31 |
| LINEヤフー株式会社 | Major shareholder | 12.1% | 2026-03-31 |
| 谷口 政人 | Major shareholder | 7.3% | 2026-03-31 |
| ＬＩＣＨＦＩＥＬＤ ＬＰ （常任代理人 株式会社三菱ＵＦＪ銀 行） | Major shareholder | 6.8% | 2026-03-31 |
| 奥岡 征彦 | Major shareholder | 6.8% | 2026-03-31 |
| 近藤 智司 | Major shareholder | 6.7% | 2026-03-31 |
| ＴＡＫＵＭＩ ＣＡＰＩＴＡＬ ＭＡＮＡＧＥＭＥＮＴ ＭＡＳＴＥＲ ＦＵＮＤ ＬＰ （常任代理人 香港上海銀行東京支 店） | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社ＳＫコーポレーション | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社新東通信 | Major shareholder | 2.6% | 2026-03-31 |
| ファブリカ従業員持株会 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/04/01－2026/03/31) | S100YK86 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK86,, |
| 訂正有価証券報告書－第31期(2024/04/01－2025/03/31) | S100WL33 | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WL33,, |
| 有価証券報告書－第30期(2023/04/01－2024/03/31) | S100TQ5T | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ5T,, |
| 有価証券報告書－第29期(2022/04/01－2023/03/31) | S100R7KA | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7KA,, |
| 有価証券報告書－第28期(令和3年4月1日－令和4年3月31日) | S100OJKQ | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJKQ,, |
| 有価証券報告書－第27期(令和2年4月1日－令和3年3月31日) | S100LLY7 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLY7,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).